What is a Flexible Spending Account (FSA)?
A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows employees to pay for certain medical, dental, and even vision care expenses with pre-tax income. The FSA supplements your regular health plan coverage. Because this benefit uses pre-tax dollars, an FSA is a great way for you to save money and increase your take home pay! Other pre-tax spending accounts your employer may offer include Dependent Care and/or Transit Expense Spending Accounts. The rules and regulations governing FSAs are established and enforced by the IRS.
I already have health insurance, why should I participate in an FSA?
An FSA is used to reimburse you for expenses not covered by your regular health insurance such as copayments (for doctors, dentists, surgeons, chiropractors), deductibles, contact lenses and eyeglasses, braces, orthodontia services, prescription drugs or copays.